Deadweight loss:
A. creates efficiency in markets.
B. is the difference between the total surplus occurring in a market and the maximum total surplus achievable.
C. is the loss in producer surplus from a price increase
D. always occurs in markets.
B. is the difference between the total surplus occurring in a market and the maximum total surplus achievable.
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If 9 workers can produce 1,550 units of output and 10 workers can produce 1,700 units of output, then the marginal product of the 10th worker is
A) 1,700 units. B) 1,550 units. C) 150 units. D) 170 units. E) 155 units.
During a recession the economy experiences
a. rising employment and income. b. rising employment and falling income. c. rising income and falling employment. d. falling employment and income.
Which is not a significant source of state and local government revenues?
A. Payroll taxes B. Property taxes C. Sales taxes D. The federal government
Khalil closes his ice cream stand for two days to attend a wedding. As a result, he can reasonably expect his firm’s short-run ______.
a. fixed costs to increase b. marginal costs to decrease c. total cost to increase d. variable costs to decrease